- How would doing a short sale affect my credit score?
- How long will the process take?
- Can I continue to collect rent during the short sale process?
- Can I avoid a deficiency judgements from 1st and 2nd TD holder?
- What happens to my capital gains deferments since this was a rental?
These issues remain the same whether you sell at $300,000 or $400,000 - by definition, on a short sale the seller receives NO PROCEEDS - all the money goes to the creditors.
I will send you some info and follow up in a few days. Bill Mota 626) 233-0190
If you are in a short sale situation you need to find an agent (and company) who will help you determine the right price to market the property and discuss the short sale process with you and why for you (the owner) more important than price is time, which is of the essence because a short sale is always better than a foreclosure. Your agent will know why.
Typically in a short sale situation it is ultimately the lender or third party that will determine the selling price based on brokers price opinion and their own criteria.
I"d like to answer some of your questions so if I can be of any help, call me.
Prudential California Realty
Certified Distressed Property Expert
With a short sale price shouldn't be a concern to you at all, unless you're not sure whether your home is upside down or not. Based on your question, it appears you have determined it's going to be a short-sale perhaps due to sale across the street at 325k. If it's a model match and sold recently, you are right to assume it will be around the same price point. I know exactly where you home is located and values in the area as still unstable partly in part due to number of short-sales present and coming down the road.
Your job now is to interview a few agents who have experience and success in representing sellers whom sold as a short-sale. There are many variables to selling as a short-sale, and a good agent can help you understand and handle as they present themselves. When you are ready to have a conversation about your options please do not hesitate to call us.
Hope we can be of assistance.
Remax Realty 100 inc.
I noticed you had the home leased out, are you in the US or are you in Manila / Philippines, I was googling a little?
I have successfully closed 100% of the short sale / NOD listings I have taken since Jan. 1st 2006 & have closed over 3 dozen, my partner has closed over 700. You don't have to be missing payments for me to close your short sale. Sometimes it just makes sense to dump the property & move on, build equity elsewhere.
I would be happy to show you my Short Sale Resume & you can ask me anything you like about the process, I think you'll find that with my answers, I know what I'm doing.
Realtor Since 1996
Main Street Realtors
**Proven Short Sale Success
I'll be glad to help you with a sale of your house.I work in the area and have a short sale experience.
Please contact me at my email Ludy@tarbell.com or call me at (909)731-7124
Currently I have a short sale listing in Corona helping people to have a new start.
You can contact them if you wish.
The bad news is that you won't see a penny of that money on a Shortsale,
The good news is that you won't be charged for a penny of the difference.
I trust that you truly have a HARDSHIP that you can sell your Bank on?
Have you composed your Hardship letter?
Have you communicated such with your Lender?